A group of students from Earlham College in Indiana have been awarded $1m in start-up capital for their initiative to optimise public transport in developing countries.

A team of five alumni from the Indian School of Business has been awarded the Hult Prize 2014, receiving US$1m in funding from the Clinton Global Initiative for their groundbreaking start-up initiative to improve access to cost-effective healthcare in urban slums.

Insects were the secret of success in the fourth HULT Prize finals that were held in New York, which this year was committed to addressing global issues of food security. Six teams of students – all winners of regional heats held at campuses of HULT International Business Schools – were competing for US$1 million in start-up funding.